There have been many headlines recently with the state of the real estate market nationally indicating weakness. Many of these articles show national home builders cancelling projects, purchase contracts decreasing and also the prices of homes showing declines.
While most of the country has been seeing this for the better part of 2022, Miami has been insulated as we have seen many transplants moving here. The increase in new residents who all seem to have high paying careers has supported not only the home sales market but also has spiked the rental market out of control.
Real Estate is a lagging indicator, meaning it takes times to see the trends affect the monetary value. In other markets — such as stocks, oil, metals — we usually see immediate price changes. Real Estate is different. Miami has been a lagging indicator in this cycle but it finally is showing some signs of slowing down. Purchase contracts are down. Prices are down. Rents are starting to adjust. Watch the video for more info.
Thanks to the Miami Association of Realtors for this video.